Partner with a Pioneer in Global Value Investing

Experienced Professionals — The Investment Team is composed of experienced professionals who have navigated many market cycles.

Trailblazer in global equity markets — Brandes Investment Partners has a long history of exploring markets worldwide in search of fundamentally solid companies selling at deep discounts to estimates of their true worth.

Flexible approach — The strategy is unconstrained by any market index and can invest anywhere value opportunities are most compelling, including those in emerging markets.

Independent point of view — Brandes Investment Partners is a 100% employee owned firm and its strategies are unhindered by sales quotas or any outside influence that may impede the firm’s pursuit of investment management excellence.

Past performance is not a guarantee of future results.

No investment strategy can assure a profit or protect against loss. Diversification does not assure a profit or protect against a loss in a declining market.

Unlike bonds issued or guaranteed by the U.S. government or its agencies, stocks and other bonds are not backed by the full faith and credit of the United States. Stock and bond prices will experience market fluctuations. Please note that the value of government securities and bonds in general have an inverse relationship to interest rates. Bonds carry the risk of default, or the risk that an issuer will be unable to make income or principal payment. There is no assurance that private guarantors or insurers will meet their obligations. The credit quality of the investments in the portfolio is no guarantee of the safety or stability of the portfolio. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes, differences in financial reporting standards and less stringent regulation of securities markets which may result in greater share price volatility.

This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.

The Brandes Global Balanced Strategy seeks long-term capital appreciation and current income by investing primarily in a combination of undervalued equity securities and fixed income securities of both U.S. and non-U.S. issuers. It primarily invests in equity securities of issuers whose equity market capitalization exceeds $1 billion, short- to intermediate-maturity bonds, and cash equivalents. The strategy will typically have between 40% and 75% of its total assets invested in equity securities (determined at the time of purchase), depending upon Brandes’ ability to find individual companies meeting its investment criteria.

The World Balanced Index is composed of 70% MSCI World Index with net dividends and 30% U.S. Broad Investment Grade Corporate Bond Index. The MSCI World Index captures large and mid cap representation of developed markets. The U.S. Broad Investment Grade Corporate Bond Index tracks the performance of U.S. dollar-denominated bonds issued in the U.S. investment-grade bond market. Prior to April 1, 2015, the World Balanced index was composed of a 50 percent allocation to each benchmark in the blend. Brandes Investment Partners believes the rebalance of the benchmark’s allocation better represents the Global Balanced strategy's asset allocation to equities and fixed income.

The results for individual accounts and for different periods may vary. Investors should not rely on prior performance results as a reliable indication of future results. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance.

As of September 30, 2013, Brandes Investment Partners includes the non-SMA Division of Brandes Investment Partners L.P., Brandes Investment Partners (Europe) Limited, Brandes Investment Partners (Asia) Pte Ltd and the Brandes Investment Partners & Co. assets sub-advised by Brandes Investment Partners, L.P. The firm was redefined to reflect the expansion of the organization. As of January 1, 2006, Brandes Investment Partners was divided into two separate divisions: the SMA Division of Brandes Investment Partners, which acts as a discretionary manager to SMA or “wrap fee” program clients, including those who may invest in an SMA product; and the non-SMA Division of Brandes Investment Partners (Brandes), which acts as a discretionary manager for all other types of clients which may include pooled investment vehicles, institutional accounts and high net worth clients outside of wrap fee programs. Although the divisions may share portfolio management and other personnel, each division serves a particular target market, may trade in a different manner and may offer investment advice which differs from the other depending upon the individualized needs of the clients served. The performance data presented does not contain any SMA Division accounts.

The Brandes Global Balanced Composite seeks to achieve long-term capital appreciation and current income by investing primarily in a combination of undervalued equity securities and fixed income securities of both U.S. and non-U.S. issuers. It primarily invests in equity securities whose equity market capitalization exceeds $1 billion, short to intermediate maturity bonds and cash equivalents. The composite will typically have between 40% and 75% of its total assets invested in equity securities, determined at time of purchase, depending on the firm’s ability to find individual companies meeting its investment criteria. Generally, no more than 30% of the composite total assets, measured at the time of purchase, may be invested in equity securities of companies located in emerging and frontier countries throughout the world.

(a) The World Balanced Index (rebalanced monthly) is composed of 70% MSCI World Index with net dividends and 30% U.S. Broad Investment Grade Corporate Bond Index. The MSCI World Index captures large and mid cap representation of developed markets. The U.S. Broad Investment Grade Corporate Bond Index tracks the performance of U.S. dollar-denominated bonds issued in the U.S. investment-grade bond market. Prior to April 1, 2015, the World Balanced index was composed of a 50 percent allocation to each benchmark in the blend. Brandes Investment Partners believes the rebalance of the benchmark’s allocation better represents the Global Balanced strategy’s asset allocation to equities and fixed income. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The benchmark returns are not covered by the report of independent verifiers.

Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.